Insider Selling: Globalstar (NASDAQ:GSAT) General Counsel Sells $1,002,264.45 in Stock

Globalstar, Inc. (NASDAQ:GSAT) General Counsel L Barbee Iv Ponder sold 12,045 shares of the company’s stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $83.21, for a total value of $1,002,264.45. Following the completion of the sale, the general counsel directly owned 131,303 shares of the company’s stock, valued at $10,925,722.63. The trade was a 8.40% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

L Barbee Iv Ponder also recently made the following trade(s):

• On Tuesday, August 11th, L Barbee Iv Ponder sold 4,720 shares of Globalstar stock. The shares were sold at an average price of $83.52, for a total value of $394,214.40.

Globalstar Stock Performance

Shares of NASDAQ:GSAT opened at $83.22 on Thursday. The company has a market cap of $10.78 billion, a P/E ratio of -163.18 and a beta of 1.58. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.51 and a current ratio of 1.55. Globalstar, Inc. has a one year low of $24.37 and a one year high of $84.85. The business’s 50-day simple moving average is $80.82 and its 200 day simple moving average is $73.80.

Globalstar (NASDAQ:GSAT) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.23) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.14). Globalstar had a negative return on equity of 16.66% and a negative net margin of 22.25%.The company had revenue of $64.77 million during the quarter. Globalstar’s revenue was down 3.5% on a year-over-year basis. On average, sell-side analysts forecast that Globalstar, Inc. will post -0.38 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

GSAT has been the subject of a number of recent analyst reports. Weiss Ratings raised shares of Globalstar from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, June 5th. Zacks Research upgraded Globalstar from a “strong sell” rating to a “hold” rating in a research note on Tuesday, July 7th. Wall Street Zen upgraded Globalstar to a “sell” rating in a report on Saturday, August 8th. Finally, Clear Str cut Globalstar from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 15th. Two analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $69.00.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Ashford Capital Management Inc. lifted its stake in Globalstar by 3.8% during the third quarter. Ashford Capital Management Inc. now owns 1,409,321 shares of the company’s stock worth $51,285,000 after purchasing an additional 51,703 shares during the last quarter. State Street Corp raised its holdings in shares of Globalstar by 2.4% during the fourth quarter. State Street Corp now owns 1,343,869 shares of the company’s stock worth $82,030,000 after purchasing an additional 31,977 shares during the period. Geode Capital Management LLC lifted its position in shares of Globalstar by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 1,283,093 shares of the company’s stock worth $78,331,000 after buying an additional 4,799 shares during the last quarter. Senvest Management LLC boosted its holdings in shares of Globalstar by 27.7% in the 1st quarter. Senvest Management LLC now owns 868,946 shares of the company’s stock valued at $57,715,000 after buying an additional 188,325 shares during the period. Finally, Van ECK Associates Corp grew its position in shares of Globalstar by 19.5% during the 4th quarter. Van ECK Associates Corp now owns 584,601 shares of the company’s stock valued at $35,684,000 after buying an additional 95,275 shares during the last quarter. Institutional investors and hedge funds own 18.89% of the company’s stock.

Globalstar News Roundup

Here are the key news stories impacting Globalstar this week:

• Positive Sentiment: Institutional investors have continued building positions. Bank of New York Mellon acquired approximately $13.2 million of Globalstar shares in the second quarter, while Handelsbanken Fonder, Edgestream Partners and Janus Henderson also increased their holdings. Institutions own about 18.9% of the company.
• Neutral Sentiment: Reported short interest was zero shares as of August 11, indicating that short sellers are not a meaningful source of current trading pressure. However, the data also provides little indication of potential short-covering support.
• Negative Sentiment: Director Benjamin G. Wolff sold 32,711 shares for approximately $2.72 million on August 12 and another 24,000 shares for about $2.00 million on August 11, reducing his position by roughly 88.8% and 39.5%, respectively. General Counsel L. Barbee IV Ponder also sold 4,720 shares for $394,214 on August 11, following a 12,045-share sale worth approximately $1.00 million on August 7. The transactions could weigh on sentiment because they occurred while GSAT was trading near its 52-week high. Globalstar insider sale SEC filing
• Negative Sentiment: Globalstar’s latest quarterly results remain a fundamental concern: the company reported a $0.23 per-share loss versus the $0.09 consensus loss, revenue declined 3.5% year over year to $64.77 million, and analysts expect a full-year loss of $0.38 per share. The consensus analyst rating is “Hold,” with a $69 price target—well below the stock’s recent level—while Wall Street Zen recently assigned a “Sell” rating.

About Globalstar

Globalstar, Inc is a leading provider of mobile satellite voice and data communications services. Through a network of low Earth orbit (LEO) satellites, the company delivers reliable satellite connectivity to users in remote or underserved regions where terrestrial networks are unavailable or unreliable. Its product portfolio includes satellite phones, two-way satellite data modems and Internet of Things (IoT) devices designed for tracking, monitoring and emergency notification.

Founded in 1991 as a joint venture between Loral and Qualcomm, Globalstar launched its first fleet of 48 satellites between 1998 and 2000.